DAOU Vineyards is sold to Treasury Wine Estates after San Diego winery’s Lebanese migrant founders agree to $1 BILLION deal
- Brothers Georges and Daniel Daou have sold their Paso Robles winery to Australia’s Treasury Wine Estates, one of the largest wine growers in the world
- The Australian winemaker will pay $900 million upfront and another $100 million in additional earn-outs tied to growth targets
- The Daou brothers fled Lebanon with their family after a rocket sent shrapnel through their Beirut home in 1973, during the country’s civil war.
A California vineyard founded by two migrants has been sold to an Australian wine company for up to $1 billion.
DAOU Vineyards, owned by Lebanese brothers Georges and Daniel Daou, has agreed to be purchased by Australia’s Treasury Wine Estates, one of the largest wine growers in the world.
The Daou brothers fled Lebanon with their family after a rocket sent shrapnel through their Beirut home in 1973, during the country’s civil war.
DAOU Vineyards in San Diego has been sold to Australia’s Treasury Wine Estates
The Lebanese brothers Georges and Daniel Daou (photo) founded DAOU in the 1980s
The brothers experimented for years with making wine in a garage and on a one-hectare vineyard with Cabernet Sauvignon
The family went to France, first to Paris and later to Cannes, where Georges and Daniel became interested in wine.
“In France, Joseph (their father) developed a passion for wine, and it was here, surrounded by vineyards and centuries of winemaking tradition, that Georges and Daniel first dreamed of a life in wine,” the brothers wrote on their website.
The brothers moved to San Diego in the early 1980s “to pursue their American dream” and enrolled at UC San Diego.
Daniel experimented with making wine in his garage in San Diego for years, utilizing his one-acre vineyard of Cabernet Sauvignon.
The brothers decided to work together as business partners and purchase property in Paso.
Their vineyard in Paso Robles now sells wines under the DAOU brand, some of which cost up to $275 per bottle.
The brothers decided to work together as business partners and purchase property in Paso
Georges and Daniel moved to San Diego in the early 1980s “to pursue their American dream” and enrolled at UC San Diego
Their vineyard in Paso Robles now sells wines under the DAOU brand, some of which cost up to $275 per bottle
The Daou brothers fled Lebanon with their family after a rocket sent shrapnel through their Beirut home in 1973, during the country’s civil war.
The family first went to France, first to Paris and later to Cannes, where Georges and Daniel became interested in wine
Treasury Wine, which has a market value of $5.56 billion, has agreed to buy the company for $900 million upfront.
Still, it could pay out up to $100 million in additional revenue, tied to growth targets over the three years through 2027.
The Australian company, which has a market value of $5.56 billion, believes the acquisition will fuel its move into luxury wines.
“We continue to see strong long-term growth trends for luxury wine in Treasury Wine’s key global markets, with significant value creation opportunities,” says CEO Tim Ford told The Wall Street Journal.
The brothers, who retain the shares, plan to remain involved in the company.